Key takeaways
Oops! The crypto market decided to take a little plunge today, losing a jaw-dropping $120 billion—yes, with a “b”—led by our beloved memecoins: DOGE, SHIB, and PEPE. Meanwhile, Bitcoin just sat there, calm and collected, like a cat in a sunbeam, chilling near $119K.
So, guess what? Crypto markets are painting the town red, with top memecoins leading the way like overzealous tour guides on a crumbling budget tour. The broader sell-off has wiped more than $120 billion from the crypto wallet of dreams. Talk about buyer’s remorse!
The drama escalated with U.S. regulatory roadblocks and a side of uncertainty from India’s exchange ecosystem. Honestly, you’ve got to wonder if they’re all just playing a macabre game of “who can scare the investors the most?”
Market-wide dip wipes out $120B
At present, it’s a wild scene: the total crypto market cap plummeted from a peak of $3.92 trillion to an alarming $3.80 trillion faster than you can say “where did my money go?”
Even as the market tried to muster some dignity with a flirtation around the $3.85 trillion mark, let’s be real—the overall momentum felt as fragile as a house of cards in a hurricane.
Trading volume danced its way up to $316.96 billion, increasing by a mere 0.58%. Could it be a case of frantic traders reacting to the chaos instead of fresh, delightful inflows? Quite possibly!
Memecoins bleed while Bitcoin sleeps
Oh dear, the top memecoins are in a bit of a crisis. They bled more than a punctured balloon at a kid’s birthday party.
Dogecoin [DOGE] took a dip of 7.99%, Shiba Inu [SHIB] plummeted 6.30%, and Pepe [PEPE] slid 9.06%. It’s a miracle these digitized critters aren’t having a group panic attack!
But wait, there’s more! Bonk [BONK] and Floki [FLOKI] also couldn’t escape the slaughter, both losing over 9%, while dogwifhat [WIF] went down by 10.91%. Fartcoin [FARTCOIN] decided to steal the show with a nose-diving 17.52% crash. Who knew Flatulence was such a volatile investment?
Even the Trump-themed memes and all-star bizarre tokens like Official Trump [TRUMP] and SPX6900 [SPX] (because why not?) didn’t get off scot-free.
Meanwhile, Bitcoin [BTC] played the role of the stoic friend, clinging to stability. As of now, it hovered around $119,000, throwing off a nonchalant vibe with its daily RSI at 60.9, like it’s saying, “I don’t care, I’m fine.” But hey, when most folks are dumping their meme assets, BTC can take a hint from Marie Kondo about tidying up its friends.
Headlines weigh heavy
The broader market dip might be due to a cocktail of factors. The U.S. SEC decided to hit the snooze button on its decisions regarding both the Truth Social Bitcoin ETF (due by September 18 – mark your calendars, folks) and Grayscale’s Solana Trust conversion (coming October 10, probably with popcorn in hand).
And hold on to your hats—there’s drama in India! Rumors of Coinbase eyeing a potential acquisition of CoinDCX hit the scene after that poor platform saw its valuation crash from $2.2 billion to below $1 billion, thanks to a rather unfortunate $44 million hack.
Despite CoinDCX stabilizing like a tightrope walker, this news seems to have kicked market caution into high gear. Will they ever learn? 🤔
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2025-07-29 13:16